MarineMax changes reporting structure to break out marina revenue

One of the world’s largest marina owner/operators is changing its quarterly financial reporting structure to break out the revenue stream of marinas to make apples-to-apples comparisons easier for investors comparing publicly traded marina companies.

With the acquisition of 23 IGY marinas that closed last October, MarineMax, headquartered in Clearwater, Florida, is now calling out marina operations revenue, excluding boats sales, as an additional source of comparison against its competitors.

“Shareholders believe – and I would say rightly so – that revenue derived from a marina operation is more resilient than the perceived cyclicality of boat sales. By breaking it out they are able to see and able to make their own judgement to determine what level of revenue is extremely resilient versus more cyclical,” explained MarineMax CFO Mike McLamb in a recent conversation with IBI.

The move brings MarineMax reporting in line with other publicly traded marina companies owned by Reals Estate Investment Trusts (REITS), such as Safe Harbor Marinas owned by Sun Communities or Equity Lifestyle Properties Loggerhead Marinas.

“Within the last couple of years, the investment community has been able to better understand and see marina and marina reporting through these REITS. We’re one of the largest owners and operators in the world and it’s helpful for people just to understand the magnitude of the marinas that we own and operate and the revenues that come from them, just like they’re seeing it in these public REITS,” McLamb added.

No other disclosures are changing, McLamb said.

“it’s just an additional disclosure around the marina-sourced revenue. We’re just adding, we’re not taking away from anything else. It’s just providing additional information for individuals or investors to compare.”

The marina operations breakout will include only revenue from parts, service, storage, and dock fees generated at MarineMax locations worldwide.